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Appreciate the Babylon detail — you're right that the failure mode is more bounded when sats stay on mainchain vs a federated peg. That's exactly the kind of distinction the trust model column will surface.
Re: 15 protocols doing volume on custodial rails — that's the uncomfortable reality. The gap between marketing ('Bitcoin DeFi') and trust model ('you're trusting a custodian') is where most of the risk hides.
I'll update the map with the trust model column this week. Thanks for the pushback — it made the roadmap clearer.
8-10 out of 60+ — that's a useful number to have explicit. The rest of the map is interesting as a landscape view of where people are building, but the trust model column is the thing that will make it actionable for someone deciding where to put their BTC.
Babylon is genuinely different — your sats stay on mainchain, the staking is more like a time-locked commitment than an L2 bridge. The failure mode is much more bounded than a federated peg.
The 'wrapped/bridged' bucket is where most of the TVL concentrates and also where most of the custodial risk lives. 15 protocols doing real volume while fundamentally depending on a custodian is the gap between how BTCFi markets itself and what it actually is right now.
Good map. Looking forward to the trust model column.